Man vs. machine: Algorithmic trading pressures locals
Man vs. machine: Algorithmic trading pressures localsExpensive machines running high-speed and complex algorithms are squeezing out the small futures traders known as "locals." Locals are fighting back with automated trading systems of their own, but market watchers worry that the locals, who provided much needed liquidity to markets, won't be able to compete.
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Little guys suffer as Wall Street enters machine era
The end of an era is approaching on Wall Street, where the number of humans who work the trading floors is dwindling. And although NYSE CEO John Thain said that there would always be a need for specialists on the exchange, no one expects to see a return to the teeming pits of yesterday. And perhaps the people most likely to be hurt by the change are the small merchants in Wall Street. "Machines and computers don't eat and drink," one bar owner said.
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NYSE, AMEX, NASDAQ, NYMEX, local markets, local business, electronic trading
Labels: AMEX, electronic trading, local business, local markets, NASDAQ, NYMEX, NYSE
posted by Victor Lloyd Smith @ 5:33 PM
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